28. Richard Pieris and Company

VIEWS (1580)

Dr Sena Yaddehige, Chairman/Managing Director/CEO

Richard Pieris and Company re-enters the Business Today TOP 30 at number 28. Having been in business for 84 years, Richard Pieris has focused on core sectors and has been selective in its expansion of strategic business ventures. Retail, plastic, tyre and rubber sectors continued to drive the Group's financial performance, while the plantation sector was affected by global economic conditions.

Richard Pieris recorded a revenue of 43 billion rupees, which was a 14 per cent increase from the previous year. PAT grew by 23 per cent. The asset base of the Group totaled 43.6 billion rupees. This enabled the Group to continuously expand its business portfolio.

The retail sector contributed the highest towards Group revenue and profitability. Plastic and furniture business as well as the rubber sector reflected strong business performance. The tyre sector, which partnered with Nexen, continued its upward trajectory. The financial services sector was able to achieve 9.5 billion assets with a deposit base of 3.1 billion rupees. Plantation sector, despite all challenges, was able to record a revenue of 6.9 billion rupees.

Richard Pieris has always evolved with time and is continuously looking for strategic investment opportunities. With plans to expand into different market segments, the plastic sector is already looking at penetrating into South Asian markets; strategic initiatives are in the pipeline to drive more export to the USA and greater energy will be pumped into the plantation sector by looking at new market segments.